Bull run continues; Sensex ends at record peak of 46,666, Nifty tops 13,650

HDFC, HDFC Bank, TCS, Infosys, and Bharti Airtel were the top contributors to the Sensex's gain today.
The domestic equity market witnessed yet another strong session on Wednesday amid broad-based buying. 

Both the benchmark indices, S&P BSE Sensex and NSE's Nifty, ended at record closing highs. The 30-share index Sensex rallied 403 points, or 0.87 per cent to end at 46,666.46 levels. During the day, the index hit a lifetime high of 46,704.97 levels.

HDFC, HDFC Bank, TCS, Infosys, and Bharti Airtel were the top contributors to the Sensex's gain today. 

On the NSE, the broader Nifty50 index closed the day at a record level of 13,682.70, up 115 points, or 0.85 per cent. In the intra-day trade, the index scaled an all-time peak of 13,692.35.  

The broader market, too, participated in the rally. The S&P BSE MidCap index ended 0.87 per cent higher at 17,888 levels and the S&P BSE SmallCap index settled at 17,852, up 0.88 per cent. 

Among sectoral indices on the NSE, barring Nifty PSU Bank, all other indices advanced. Nifty Realty gained the most - up over 5 per cent to 303.85 levels. Nifty PSU Bank, on the other hand, slipped over 1.6 per cent to 1,803.75 points.

Among individual stocks, the newly-listed Burger King India shares continued to rally. The stock hit the 20 per cent upper circuit limit for the third day in a row. It ended at Rs 199.25 on the BSE. 

 
Global markets

In Europe, shares extended gains to a third straight session on Wednesday on rising hopes of a Brexit trade deal and the possible roll-out of a Covid-19 vaccine in the continent before the new year. 

In commodities, oil prices fell on a surprise gain in crude oil inventories in the United States and on persistent investor worries about demand for fuel being squeezed amid tighter lockdowns in Europe to counter the coronavirus pandemic.

(With inputs from Reuters)

LIVE UPDATES

MARKET VIEW | Vinod Nair, head of Research at Geojit Financial Services

Indian market is effortlessly rallying to record highs on a daily basis tracking firm global markets. Increasing prospects of US stimulus measures, hopes of an effective vaccine and a conclusive Fed meeting to announce a positive policy are lifting market sentiments across the globe. In the domestic market, all sectors witnessed good momentum with realty leading the rally in hopes of a revival in demand.

NEWS FLASH :: Sebi board meet outcome

  • Sebi approves new norms for shareholding under CIRP
  • Min 5% public shareholding on relisting mandated by Sebi 
  • Cos under insolvency process to have min 5% free float
  • Sebi clears relaxation to promoters on FPO requirement of 20% MPC (minimum promoter contribution)
 
 

MARKET VIEW | S Ranganathan, head of Research at LKP Securities

Bulls wrested complete control during the day with consumer-facing companies witnessing good appetite from Investors post the thumping success of the QSR IPO recently. Markets are absorbing profit booking too which is a very healthy sign as the mood seems buoyant with good appetite seen at lower levels. Defence stocks too were in the limelight today as investors sought value in many stocks across the sector.

Burger King shares end at 20% upper circuit limit for 3rd day in a row


PNB ends 7% down, manages to close above QIP floor price of Rs 37.35


MARKET STATS

  • Advance-decline ratio on BSE at nearly 3:2
  • Stocks at 52-week high: 325
  • Stocks at 52-week low: 46
  • 474 scrips touched upper circuits while 204 scled lower limits

HDFC twins, IT stocks among top Sensex contributors


Broader markets outperform benchmark

Nifty Midcap 100 and Nifty Smallcap 100 indices rose 1.15 per cent and 1.01 per cent, respectively as against a 0.85 per cent increase in Nifty50, thus outperforming benchmark. The broadest index on NSE Nifty 500 gained in tandem with Nifty, up 0.86 per cent.

Sectoral Trend: Barring Nifty PSU Bank, all indices on NSE end in the green


Sensex Heatmap | Top index gainers & losers

  • 21 Sensex stocks end in the green
  • Bharti Airtel best Sensex performer
  • ICICI Bank worst laggard

CLOSING BELL

Sensex scales fresh record high, rises 403 points or 0.87 per cent to end at 46,666.46; Nifty too logs new closing high of 13,682.70, up 115 points or 0.85 per cent

Bharti Airtel gains nearly 3%


MARKET CHECK


NEWS ALERT | Cabinet approves next round of spectrum auction

>> Notice inviting applications w.r.t spectrum auction this month
 

NEWS ALERT :: Infosys, RBL Bank tie-up for Digital Banking Solution Suite on Cloud


As green shoots emerge all across, confidence returns to IndusInd stock

If management commentaries from banks were rated in terms of their confidence, IndusInd Bank would have easily climbed the top spot after its September quarter (Q2) results. For the first time since taking charge as MD & CEO of the bank in March, Sumant Kathpalia spoke about strong green shoots emerging across segments, even for the vehicle finance business. READ MORE

Hindustan Copper rallies 16%, hits 52-week high of Rs 60.30


Textile, apparel stocks in focus; Page Ind, TCNS Clothing surge up to 14%

Shares of textiles, readymade garments and apparel companies were trading actively on Wednesday on expectation of higher demand going forward. Individually, Page Industries, TCNS Clothing Company, Himatsingka Seide, Gokaldas Exports, Dollar Industries, Bombay Dyeing and Manufacturing, Arvind Fashions, Siyaram Silk Mills, and Monte Carlo Fashions from these segments were up between 5 per cent and 14 per cent on the BSE. In comparison, the S&P BSE Sensex was up 0.78 per cent at 46,623 points at 01:49 pm. READ MORE

Page Industries rises 5%


BROKERAGE VIEW :: Kotak Institutional Equities on Tech Mahindra

CMP: Rs 927 | TP: Rs 1,020 | Reco: Buy

We interacted with Alok Palsikar, TM’s head of engineering services in a freewheeling discussion, here are the key highlights. TM has strong expertise in automotive and aerospace verticals. Outlook for the business is healthy post Covid and led by adoption of new technologies across verticals. TM is taking steps to increase participation in the fast-growing digital engineering space. 5G opportunity, uptick in enterprise growth and margin expansion underpin our positive view. BUY. 

BUZZING STOCK :: Indiabulls Housing Finance surges 9%


European stocks trade higher in early deals


IPO Update :: Mrs Bector's Food IPO subscribed 7x till 2:00 pm on Day 2


Banks must focus on asset quality, capital for monetary policy impact: RBI

The credit channel of monetary policy transmission in India is robust, however, its effectiveness is hampered by asset quality of issues of banks, an RBI working paper on “asset quality and credit channel of monetary policy transmission in India” revealed.
 
Hence, for monetary policy actions to have their full impact, banks need to strengthen their capital position and address quality issues. READ MORE

Nifty hits new peak of 13,671


FRESH RECORD HIGH :: Sensex tops 46,600


Burger King, Bajaj Finance, HDFC among most active stocks in volume terms on BSE


NEWS ALERT :: Lupin settles dispute with the Sellers in the Gavis/Novel transaction


As bitcoin rally roars, Indian banks look to cash in on opportunities

Bitcoin’s rally in 2020, rising 1.5 times so far this year, has piqued investors’ and financial services providers’ interest. And Indian banks are taking note as the crypto currency nears its all-time high of $20,000.
 
They are now option like providing finance to crypto exchanges, loans against bitcoin and so on, to cash in on this opportunity. The sharp bitcoin rally this year has been attributed to several developments in the past month. READ MORE

HDFC twins top contributors to Sensex's gain today


Burger King's stellar debut puts spotlight on QSR stks; Westlife Development soars 13%

Westlife Development focuses on putting up and operating QSR in India through its subsidiary Hardcastle Restaurants Pvt. Ltd. The company operates a chain of McDonald's restaurants in west and south India, having a master franchisee relationship with McDonald's Corporation USA, through the latter's Indian subsidiary. READ MORE

GDP recovering better than expected; to contract 7.4% in FY21: SBI

- India's GDP growth is expected to be at (-) 7.4 per cent in FY21 on better than projected recovery, said a SBI research report, upgrading its earlier forecast of (-) 10.9 per cent.
 
- The report also believes that it would take seven quarters from the fourth quarter of FY21 for GDP to reach the pre-pandemic level in nominal terms. READ MORE

Stocks that hit 52-week high on BSE today

COMPANY PRICE(rs) 52 WK HIGH CHG(%)
ADANI ENTERP. 459.00 467.65 -0.70
ADANI PORTS 474.85 480.25 -0.15
AFFLE INDIA 4050.00 4068.45 4.52
APOLLO TYRES 195.55 198.95 3.17
ASHOK LEYLAND 98.05 99.90 3.32
» More on 52 Week High

Nifty Realty index rallies 4%; Godrej, DLF, Oberoi Realty gain up to 9%

Indiabulls Real Estate advanced 17 per cent to Rs 80 on the NSE on the back of heavy volumes. A combined 17.5 million equity shares had changed hands on the counter on the NSE and BSE.
 
Godrej Properties, DLF and Oberoi Realty were up in the range of 4 per cent to 5 per cent, while, Sobha, Sunteck Realty and Omaxe from the index were up between 1 per cent and 3 per cent on the NSE. READ MORE

BUZZING STOCK:: Deepak Nitrite hits record high


M&M, Eicher Motors: Technical charts show further upside in auto stocks

NIFTY AUTO INDEX: The index has successfully managed to conquer its 200-weekly moving average (WMA) with volumes suggesting further up move. However, the index looks slightly weaker on the Relative Strength Index (RSI) as it has entered the overbought zone. That said, the price is not showing any major weakness. Overall, the index is en-route hitting the 10,000 levels with support placed at 9,000 levels on a closing basis. READ MORE

Nifty PSU Bank index worst sectoral performer on NSE

  • Index trades half a per cent down in afternoon session
  • 8 stocks in the green; 4 in the red
  • Canara Bank top performer; PNB worst laggard

Mrs Bectors IPO subscribed nearly 6 times so far on Day 2

Total Issue Size
1,32,36,211
Total Bids Received
7,81,77,650
Total Bids Received at Cut-off Price
5,52,83,600
No. of times issue is subscribed
5.91

IPO bid details at around 12.15 pm (Source: NSE)

Mutual fund SIP inflows hit 31-month low at Rs 7,302 cr in November

However, investment through the Systematic Investment Plans (SIPs) route had risen in October after six months of continuous decline.
 
The 44-player mutual fund industry witnessed an inflow to the tune of Rs 7,302 crore through SIPs in November as compared to Rs 7,800 crore in the precedingmonth, data from the Association of Mutual Funds in India (Amfi) showed. READ MORE

Markets at Noon

  • Sensex, Nifty holds on to gains, hover at record high levels
  • Broader markets outperform benchmark indices
  • All sectors on BSE in the green; Realty best performer
  • Advance-decline ratio on BSE at 2:1
  • 266 stocks hit 52-week highs while 30 hit 52-week lows
  • 356 stocks hit upper circuit limits, 159 scale lower circuits

MARKET UPDATE:: Sensex holds early gains


BSE Realty best sectoral performer, rises nearly 4%


Affle, IndiaMART InterMESH hit new highs; zoom up to 470% from issue price

Shares of Affle (India) and IndiaMART InterMESH hit their respective all-time highs in intra-day trade on Wednesday. Since their listing on the bourses in 2019, both stocks have rallied up to 470 per cent against their issue price on the BSE. Shares of Affle (India) made a market debut on August 8, 2019 while those of IndiaMART InterMESH got listed on the bourses on July 4, 2019. READ MORE


Top gainers on BSE at this hour

COMPANY PRICE(rs) CHG(%)
INDOSTAR CAPITAL 353.00 13.30
HINDUSTAN COPPER 57.65 12.27
INDBULL.REALEST. 76.50 11.76
TCNS CLOTHING CO 472.65 10.42
WESTLIFE DEVELOP 452.05 8.03
» More on Top Gainers

Burger King, Nestle, Dabur: Analysts bet on FMCG stocks as economy recovers

The success of Burger King at the bourses has off-late reinforced belief in the sector, especially quick service restaurants (QSRs), provided the stocks are attractively valued. However, the stock performance has not been uniform across the FMCG sector. At the bourses, Nifty FMCG index has underperformed as against the benchmark Nifty50 index between March 24 (when the market his their 2020 low) and December 15, ACE Equity data show. While the former has advanced 42 per cent, the latter has gained 74 per cent during the period. READ MORE

Gold outlook :: Anuj Gupta- DVP- Commodities and Currencies Research, Angel Broking

Gold prices increased by 1.03% on Tuesday and closed at 49,443 levels while silver prices also increased sharply by 2.18% and closed at 64,853 levels. Weakness in dollar and expectation of stimulus package for US economy support the Gold prices. Increasing cases of Corona virus also supports the gold as a safe haven asset.
 
Hopes over further stimulus infusion by central banks is expected to levy some support to the safe haven asset, Gold. As for today traders can go for BUY in gold at Rs 49400 levels with the stop loss of Rs 49100 levels for the target .  of 50200 levels. They can also go for BUY  in Silver at Rs 65000 levels, with the stop loss of 64300 levels and for the target of 66500 levels. We expect gold may test $1880 to $1900 levels soon
 

Playing capital goods theme: A stock-specific approach is the right tactic

The capital goods or industrial sector has bounced back into the limelight on hopes of a swift economic recovery and reasonable stock valuations. The S&P BSE Capital Goods Index hit a 52-week high of 18,252 on Monday after rallying more than 28 per cent since November. As a result, the index now trades at 12-month forward price-to-earnings (P/E) multiple of 30.7 times – the highest since March 2018. READ MORE

Stock Idea by Geojit Financial: Petronet LNG

Buy | Target Price: Rs 327
 
Q2FY21 sales were down 33.4% YoY to Rs 6,236 cr. The company registered adjusted PAT decline of 20.8% YoY, reaching Rs. 919cr. EBITDA margin improved by 950bps YoY to 21.9%, primarily due to reduction in operating cost and effective commercial planning. Petronet LNG’s volume demand reaching pre-COVID levels, improvement in operational efficiency, and commissioning of the Kochi-Mangalore pipeline will boost performance in upcoming quarters. Hence, we reiterate our BUY rating on the stock with a revised target price of Rs 327 based on 15.0x FY22E adj. EPS.

Realty stocks in focus

COMPANY NAME LATEST HIGH CHG(%)
UNITECH 2.28 2.31 3.64
NBCC 31.90 32.45 2.41
H D I L 8.20 8.45 1.49
INDBULL.REALEST. 75.85 77.55 10.81
Click here for the full list

Stay invested in gold for now, say analysts; here's why

Despite the stellar run in calendar year 2020 (CY20), gold remains an attractive investment for 2021 with prices likely to inch up further in the new year, say analysts. Investors, they believe, will be better off staying put in the yellow metal for now. READ MORE

Photo: Reuters

Two stock ideas by Vinay Rajani, HDFC Sec

STFC | Target Price: Rs 1,170 | Stop Loss: Rs 1,050
JSW STEEL | Target Price: Rs 383 | Stop loss: Rs 353

PNB slips 8%, falls below QIP floor price of Rs 37.35

Shares of Punjab National Bank (PNB) slipped 8 per cent to Rs 37.25 on the BSE on Wednesday, falling 10 per cent in the past two trading days after the bank announced the opening of qualified institutional placement (QIP) issue on Tuesday. However, the share price of the state-owned lender has fallen below the QIP floor price of Rs 37.35 per share. READ MORE
 

Telecom index only sectoral loser on BSE, down 0.30%


MARKET VIEW | V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

While the Dow, Nasdaq & S&P 500 set many records this year the US small-cap index Russel 2000 lagged behind without touching record levels. This underperformance was compensated yesterday when Russel 2000 hit a record high. This indicates that the rally is spreading to the broader market. An important factor driving the market in the coming days would be expectations regarding Q3 results. Indications are that IT & private sector financials will do well.

M&M gains 4% as Company to hike prices of PVs, CVs from January 1

Shares of Mahindra & Mahindra (M&M) rose 4 per cent to Rs 744 on the BSE in early morning trade on Wednesday after the company announced that it will increase the price of its passenger vehicles (PVs) and commercial vehicles (CVs) from January 1, 2021, in order to partially offset the impact of rise in input costs. M&M said the price hike has been necessitated due to the increase in commodity prices and various other input costs. "Details of the price increase across different models will be communicated in due course," it said. READ MORE

S&P removes Shriram Transport from creditwatch

Global rating agency Standard and Poor’s (S&P) has affirmed issuer credit ratings 'BB-/B' on Indian auto financier Shriram Transport Finance Co’s (STFC) due to improvement in its resource mobilization and collections. It also removed the ratings from CreditWatch. The rating were placed under watch with negative implications on June 26, 2020. READ MORE

BPCL shares edge higher

Ahead of its planned divestment, state-run Bharat Petroleum Corporation (BPCL) on Tuesday said its board will consider a proposal to increase stake in Bharat Oman Refineries. Plans to merge Bharat Gas Resources with the company will also be considered at the meeting on Thursday. The stock was trading 1.18 per cent higher at Rs 403.60 on BSE.

BUZZING STOCK:: Burger King locked in 20% upper circuit


Vedanta shares rise 4% amid fund-raising buzz

Vedanta shares gained 4% in early morning trade after media reports suggested that Anil Agarwal-owned firm is looking to raise as much as $8 billion through a mix of debt and equity to secure funds for the acquisition of state-run BPCL.
 

M&M shares rise 3% as firm announces price hikes for vehicles

Mahindra & Mahindra (M&M) on Tuesday said it will hike prices of its entire range of passenger and commercial vehicles from next month in order to partially offset the impact of rise in input costs. Following this development, the shares were trading over 3 per cent higher on NSE.

Buzzing Stock :: PNB shares tank 7%

PNB shares tank 7% in opening trade after the PSU lender launched its QIP worth Rs 7,000 crore at a floor price of Rs 37.35 per share.

Sectoral Watch | Barring Nifty PSU Bank and Nifty Media, all indices on NSE edge higher


RIL, HDFC twins top Sensex contributors


Sensex Heatmap | Top gainers & losers at opening tick

Barring HUL, all Sensex stocks traded in the green as benchmark index scaled fresh record high.

OPENING BELL | Sensex, Nifty scale fresh record highs

Sensex jumps 300 points, hits fresh record high; Nifty tops 13,650

Market Ahead | Here is what might move your market today

Gold, silver futures rise; base metals too trade in the green


Market Check


Sensex Heatmap | Top gainers & losers in pre-open trade


Pre-open Session

Sensex gains 190 points, trades above 46,500 level; Nifty50 nears 13,700

Stocks to watch today

Mahindra & Mahindra (M&M) on Tuesday said it will hike prices of its entire range of passenger and commercial vehicles from next month in order to partially offset the impact of rise in input costs.
 
Axis Bank: In a clarification on press statement dated December 14 issued by Sydney, Australia-based Scams Breaking website, the bank said it has complied with its underwriting practices and approval processes for any exposure taken in relation to Srei Equipment Finance Limited and Srei Infra Finance Limited. "In summary, the report is grossly inaccurate and baseless," the lender added. READ MORE

SUGAR STOCKS IN FOCUS: Cabinet may consider proposal to offer Rs 3,600 crore export subsidy

The Union Cabinet may today consider a proposal to provide export subsidy worth Rs 3,600 crore to sugar mills for the marketing year 2020-21, as part of its efforts to help them clear outstanding dues to sugarcane farmers, according to sources. The food ministry has proposed Rs 3,600 crore subsidy for exports of 60 lakh tonnes of sugar in the marketing year 2020-21 (October-September), they added. READ MORE

NEWS ALERT :: MSCI deleting 7 China firms from some indices, reports Reuters

>> MSCI Inc said on Tuesday it will delete the securities of 7 Chinese companies from some global indexes after the US imposed restrictions on their purchase, even as it said it would also launch new versions of several indexes that retain the same securities.

>> In a press release, MSCI said companies to be deleted include China Communications Construction Co., Hangzhou Hikvision and CRRC Corp.

>> MSCI said it would remove the shares as of the close of business on Jan. 5. It said it would not remove securities from subsidiaries or affiliates of companies named in the order.

Bulk deals on the BSE as on Tuesday

Bulk deals on the NSE as on Tuesday

FII/FPI & DII trading activity on NSE, BSE and MSEI


Rupee check

Source: Bloomberg


Oil check


Wall Street ends higher ahead of US Fed outcome

>> Wall Street showed signs of a Santa rally on Tuesday, with the Nasdaq closing at a record high, helped by optimism about a potential government stimulus to protect the economy from the coronavirus pandemic.

(Source: Reuters)


Asian stocks look up

>> Asian stocks gained on Wednesday as global markets moved with confidence that vaccinations and additional monetary and fiscal support from governments will drive economic growth.

(Source: Reuters)


SGX Nifty trades higher

>> At 8:17 am, the index was ruling 60 points higher at 13,638 levels, indicating a firm start to the markets.

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